Hong Leong Finance sees over 300% growth in EV loans
[SINGAPORE] Hong Leong Finance (HLF) announced that it has seen a more than 300 per cent increase in electric vehicle (EV) loans, from S$73 million in 2023 to S$314 million in 2024.
Besides EV loans, HLF also saw a more than 300 per cent increase in vehicle loans processed digitally, from S$99 million in 2023 to S$400 million in 2024. This was on the back of its new digital platform which connected with major car dealers directly for automotive financing.
This new system eliminated the manual paper-based system and redundant data entry. The integration with GovTech's MyInfo, the Singapore government's data management platform, also reduced errors and access to verified personal data.
HLF is planning to introduce new capabilities that will enable car dealers to offer online car markets.
'Our innovative digital platform for vehicle loans has proven to be a game changer, offering speed and security for both car dealers and customers,' said Ang Tang Chor, president of HLF.
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